The sophisticated and highly technical government project at a cost of Tk 2,967 crore. The satellite's structure is being built by a French firm -- Thales Alenia Space.

Bangabandhu-1 is expected to provide services to all South Asian countries as well as Indonesia, the Philippines, Turkmenistan, Kyrgyzstan and Tajikistan, if its frequency is properly coordinated, according to project documents.

Bangladesh currently meets its demand for satellite connectivity by renting bandwidth from foreign operators which costs the country about $14 million a year. Once launched, Bangabandhu-1 will save the foreign currency expenditure.

The lifespan of the satellite will be 15 years, which will allow the country to earn $1 billion by leasing out the transponders and another $1.5 billion by selling other services.

In November 2015, the BTRC signed a $248-million deal with Thales Alenia Space to manufacture and launch the country's first satellite.